Fun

Avail closes $27M seed round led by Founders Fund, Dragonfly

News Feed - 2024-02-26 11:02:00

Zoltan Vardai10 hours agoAvail closes $27M seed round led by Founders Fund, DragonflyAvail aims to use the funds to solve the fragmentation issues of the Web3 industry.4400 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAvail — a Web3 data availability and consensus layer — has closed a $27 million seed funding round led by Founders Fund and Dragonfly.


The $27 million seed round included other notable venture capital firms, including SevenX, Figment, Nomad Capital and other angel investors, according to a Feb. 26 press release shared with Cointelegraph.


The funds will be deployed to help accelerate the unification of Web3 by bolstering the developments of the firm’s three core products, also known as the “Avail Trinity:” the data availability layer, the nexus unification layer and the fusion security layer.


Avail’s modular blockchain infrastructure could lead to more Web3 ecosystem interoperability, according to Joey Krug, partner at Founders Fund. He wrote:“[Avail’s] stellar team, tech stack, and emerging ecosystem are enabling a more modular design space for projects to build on their infra. By decoupling the different layers of the blockchain, Avail unlocks orders of magnitude scalability improvements and helps solve the current fragmentation issues in the space.”


According to Anurag Arjun, the co-founder of Avail, similar Web3 unification frameworks will become increasingly important as blockchain scaling becomes more reliant on layer-2 rollups. Arjun wrote:“Rollup tooling will mature to such an extent that it will be as easy to deploy an app-specific rollup as it is to deploy a smart contract today. In this world of 10s and 1,000s of chains, they will need to talk to each other seamlessly, otherwise this will lead to a huge user experience (UX) fragmentation issue.”


The total value locked (TVL) in L2 rollups is $24.93 billion at the time of writing, up 8.76% over the past week. Arbitrum One is the largest protocol, accounting for over 50% of the value locked in rollups, with a $12.98 billion TVL, according to L2Beat.Largest L2 rollups by TVL. Source: L2Beat


Avail was launched by Polygon Labs in 2021 but was later spun off as a separate project. In July 2023, Avail released a testnet bridge to Ethereum to enable the creation of validiums, which are low-cost layer 2s that don’t store full transaction data on the main network. Avail is led by Arjun and former Polygon research lead Prabal Banerjee.


Related: Crypto’s next leap: Ether ETFs through Keyrock’s kaleidoscope# Blockchain# Ethereum# Press Release# Scalability# Web3# Layer2# zk-RollupAdd reactionAdd reactionRead moreThe Dencun Upgrade is not enough to scale EthereumPrice analysis 2/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE4 reasons why Ethereum is finally topping out versus Bitcoin

News Feed

Bitcoin Emits Less Carbon Than Previously Claimed, New Study Finds
Bitcoin Emits Less Carbon Than Previously Claimed, New Study Finds Bitcoin has been regularly attacked for its energy-intensive mining process, powered by serious amounts of elec
Gareth Jenkinson7 hours agoTech firm Republic taps Avalanche for profit-sharing investment noteThe blockchain-based investment note is issued on Avalanche and will automatically distribute profits to holders’ wallets.1
Ex-OpenAI chief scientist Ilya Sutskever launches SSI to focus on AI safety
Derek Andersen2 hours agoEx-OpenAI chief scientist Ilya Sutskever launches SSI to focus on AI safetyThe new company will develop AI safety and capabilities in tandem.1681 Total views1 Total sharesListen to article 0:00Ne
Cointelegraph Accelerator joins bitsCrunch network as a node operator
Cointelegraph AcceleratorJul 11, 2024Cointelegraph Accelerator joins bitsCrunch network as a node operatorBy becoming a bitsCrunch’s node operator, Cointelegraph Accelerator enhances its support for the project by furt
Gareth Jenkinson11 hours agoDeutsche Bank taps Taurus for global crypto custody servicesDeutsche Bank is set to offer customers cryptocurrency custody options through a partnership with cryptocurrency infrastructure plat
Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes as Mainstream Adoption Grows
Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes as Mainstream Adoption Grows Global investment bank Goldman Sachs has warned that bitcoin is increasingly vuln
Threat of Nested Exchanges and What Binance Is Doing to Combat Them
Threat of Nested Exchanges and What Binance Is Doing to Combat Them sponsored Nested exchanges are becoming a popular tool for money launderers. Learn all about nested exchanges/ser
BTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time high
William Suberg7 hours agoBTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time highBitcoin is making history — but this is not stopping a post-high BTC price comedown.5222 Total views7 Total sharesLi
US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool
US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal
Economist Peter Schiff Expects Worse Financial Crisis Than 2008 — Says ‘Future Rate Hikes Are Now Pointless’
Economist Peter Schiff Expects Worse Financial Crisis Than 2008 — Says "Future Rate Hikes Are Now Pointless" Economist Peter Schiff has warned that the current financial crisis w
Turner Wright4 hours agoProposed gag order in SBF’s criminal case under review, citing attempt to ‘influence public opinion’The proposal followed a complaint filed by U.S. authorities alleging Sam Bankman-Fried had
Ethereum ‘BlobScriptions’ lift off and it’s taking Blob fees with it
Tom Mitchelhill6 hours agoEthereum ‘BlobScriptions’ lift off and it’s taking Blob fees with itA new method for inscribing data on Ethereum blobs is wreaking havoc on fees for the data-saving feature.8369 Total view